US home prices rise 8.1 percent in June; smallest increase in more than 18 months

The Standard & Poor's/Case-Shiller 20-city home price index rose 8.1 percent in June from 12 months earlier. That's down from 9.4 percent a month earlier and the smallest annual gain since December 2012.

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Yearly price growth weakened in all 20 cities. Home values in Cleveland nudged up just 0.8 percent. Las Vegas led with a 15.2 percent gain. But prices in Las Vegas, Phoenix, Miami and Tampa, Florida, are still at least 33 percent below their housing bubble peaks from almost a decade ago.

The deceleration should ease price pressures on would-be buyers. After slumping at the start of 2014, existing-home sales have picked up as price gains have slowed. But buying remains 4.3 percent below the July 2013 level.